Instant loan

Three instant credit companies have been sanctioned by the Bank of Lithuania for failing to properly vet their clients' credit worthiness.

Lithuanian banking regulators have hit a consumer credit company with a fine of €30,000 for issuing loans to unemployed applicants, the biggest penalty of this kind to date.

4finance, the leading consumer credit company in Lithuania, has had its licence revoked by the Bank of Lithuania following repeated violations.

The Seimas of Lithuania, parliament, has approved amendments to the Law on Consumer Credit which are aimed at regulating the consumer credit market in order to promote responsibility of consumer credit lenders and their clients.

Eesti Päevaleht writes that Centre Party’s MP Olga Sõtnik not only owes about 260,000 euros in debt, but has also taken a 5,500 euro instant loan.